Indian shares changed course to trade higher on Wednesday, led by gains in technology stocks, while traders waited for domestic and U.S. consumer price data later in the week to offer cues on central banks' interest rate-hike plans.
"We don't see much of a downside from here so any dip will be a good opportunity to buy. The CPI data will be favourable as overall prices seem to be under control as of now," said Samrat Dasgupta, chief executive officer of Esquire Capital Investment Advisors.
"Nifty's 17,800 is a good support and don't see it going below 17,500 as of now given domestic corporate results are expected to be quite decent," Dasgupta added. While recent remarks from U.S. Federal Reserve officials pointed to the central bank's need to remain aggressive on rate hikes, market participants will wait to see what inflation levels at home and in the U.S. are at.
The U.S. consumer price index report on Thursday is expected to show some moderation in the year-on-year price increase in December. Meanwhile, a Reuters poll of economists showed India's retail inflation held steady last month, staying within the Reserve Bank of India's comfort zone for a second month. The data is also due on Thursday.
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